Healthcare Investments and Exits (Silicon Valley Bank)

Summary

• Deal counts fell from more than 1,300 at the peak in H1 2021 to just 618 in H1 2026, a new multiyear low reflecting concentration of capital in fewer companies.p.9
• Biopharma led funding with $12.6B raised, bolstered by Isomorphic Labs' $2.1B Series B financing.p.9
• Europe increased its share of healthcare venture funding to 25% in H1 2026, the highest level shown in the period.p.9
• Three firms accounted for 59% of the estimated healthcare VC allocation in the first half of 2026 as fundraising hit a decade low.p.7
• Healthtech raised approximately $7.2B across US and European companies, the most since 2022.p.12
• 2026 is on pace to be the most active biopharma M&A year on record, with 25 private acquisitions in just the first six months.p.16

Key insights

1. Biopharma venture funding of $12.6B is up 8% from H1 of the prior year.p.11
2. Devoted Health and Paris-based Alan raised more than $900M.p.12
3. Dx/Tools investment reached approximately $1.9B, the weakest first-half showing in several years.p.13
4. Device investment raised $3.0B across 118 deals, similar to H1 2025 dollar levels.p.14
5. Upcoming patent expirations for Jakafi, Opdivo and Eliquis together account for about $23B in annual revenue.p.16
6. The top six healthtech deals accounted for about 50% of investment in the first six months.p.5